More and more online retailers also deliver to businesses. Unlike in the consumer market, it takes a while for your money to be received because delivery is usually on credit. That’s why Exact introduced an add-on to the ERP suite that will make receivables management much easier.
In the online retail world, accounts receivable management is obviously not a big topic. After all, if you sell directly to consumers, you will receive your money immediately – via Interpay, PayPal or Mollie. But yes, functions in the retail world are increasingly interconnected – retailers are selling more to businesses – and then of course it’s a different story. And if you sell to B2B customers – perhaps you even have your own product line – you must agree on a payment date, keep an eye on whether the money comes in and call or email if the payment is not received on time.
Accounts receivable management is therefore the perfect addition to the ERP software and Exact received many questions about this from users. The company therefore launched in May an add-on (extra software that you can add to the Exact subscription) for Exact Online that takes over the credit management process without losing control. Chris Spaander and Marcus Schuite, both senior solution marketing managers at Exact, tell you all about the add-on designed for the situation where you send more than 20 sales invoices per month. Spaander: “When retailers switch to B2B, they really have to get used to delivering with a payment period (often a month). For buyers, it is of course the ideal way to borrow money for free. As a seller, you have to be much more active with it to make sure buyers don’t walk away.”
Of course, this new addition comes at the right time because accounts receivable management is becoming increasingly important. Especially during the Corona period, people have started to postpone payment of invoices, which makes it difficult for SMEs to get a handle on their cash flow management. “The dream of accounting software is that you can do cash flow forecasts, and accounts receivable is a big step forward in that regard,” says Schuite. With Exact’s debtor management, you streamline the process from invoice preparation to payment, explains Spaander. “Accounts receivable management is the best solution for retailers to keep business customers a friend while you get your money. Retail companies of course send a lot of invoices so it’s ideal for them. We work with monthly subscriptions so you can always turn it on and many companies do.” Schuite explains that there are three reasons to get started with this accounts receivable management add-on:
- You get your money faster. “It is important to the cash flow position.”;
- Reduction of the administrative burden. “If someone doesn’t pay, you have a lot of work ahead of you: you have to send an email, call, and now it goes by itself.”;
- The customer relationship continues to be good. “Especially in the B2B world, you often deal with repeat customers, and then you have a bond with the buyers. Suppose you deliver beautiful meat every month, but the payment is disappointing after a year. Then that relationship comes under pressure because of arguments about money, and now the system makes the decisions.”
The debtor management add-on selects a specific communication scenario based on past payment behavior, Schuite explains. “If not much happens and it is a good customer, it chooses a very nice email in the category ‘probably missed you for a while’. But there is also a strict scenario where you as a supplier say something more quickly about the next steps if no payment follows. In this way, you always navigate between ‘not letting it go’ and ‘maintaining the relationship’ and the software helps with that. The supplement is set up in such a way that a specific communication style is automatically selected that matches the payment behavior. There are e-mails ready that you can use immediately and possibly adapt to the desired message and tone.”
As a user, you always have the opportunity to intervene. Schuite: “You have a dashboard in Exact Online with an overview on which you can see which emails have been sent and which are still coming. For example, if you’ve just spoken to someone who says: ‘I’ll transfer it tomorrow’, you can wait a little longer with the email; you can move the reminder, but you can also block it.” The add-on is part of the Exact Online software, says Schuite. “There is no configuration required, just select the ‘debtor management’ option. The great thing is that I get few critical questions from the support department, which means that users are satisfied with the solution. Matching with customers’ scenarios works well, and of course it is also relatively cheap, which means that SMEs can further automate accounts receivable management. Many companies participating now, previously thought it would be too expensive, but it’s really not that bad. We’re now busy implementing improvements based on questions we receive.”
Spaander compares the solution with that of its competitors. “They are often much more expensive, and our solution is fully integrated, so you don’t need separate software. In short, if you want to get paid on time from your B2B customers and maintain a good customer relationship, Exact Debt Management is perfect!”
This article was created in collaboration with Exact
Text: BNP Media | Image: Clean image